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10 Jul 2000
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN DAY PERIOD ENDED JULY 6, 2000
New York, July 10, 2000 -- MOODY'S ASSIGNED A PRIME-1 RATING TO THE FOLLOWING ABCP PROGRAMS DURING THE SEVEN DAY PERIOD ENDED JULY 6, 2000:
MOODY'S RATES GOLDMAN SACHS HUDSON STREET FUNDING CORP. PRIME-1
Moody's has assigned a rating of Prime-1 to ABCP to be issued by Hudson Street Funding Corp. (HSFC). HSFC is administered by Goldman, Sachs & Co. (Prime-1). HSFC, a newly created ABCP issuer, sponsored and administered by Goldman Sachs & Co. will provide part of the financing for the construction and occupancy of an office building and training center complex, to be used by Goldman Sachs for its operations, in Jersey City, New Jersey. HSFC is a special purpose company organized under the laws of the state of Delaware.
HSFC's Prime-1 rating is based on: the guaranty provided by Goldman Sachs Group, Inc. (A1/P-1) (along with Goldman, Sachs & Co., collectively "Goldman Sachs") to HSFC; the structure of the underlying synthetic lease transaction that effectively leads to the full coverage of ABCP issued by HSFC by the Goldman Sachs guaranty; the financial strength of Goldman Sachs; Goldman Sachs' administrative capabilities; and Goldman Sachs' leading presence in the ABCP and commercial paper markets in general.
HSFC's Prime-1 rating is closely linked to the ratings assigned to Goldman Sachs. The rating assigned to the ABCP is primarily a function of a Goldman Sachs guaranty in its support of various lessee obligations that repay the ABCP. In the event of a downgrade of the ratings assigned to
Goldman Sachs, a review or downgrade of the rating assigned to HSFC may also take place.
For further details, please see Moody's press release dated June 29, 2000.
MOODYS ASSIGNS PRIME-1 RATING TO PRINCIPAL RESIDENTIAL MORTGAGE CAPITAL RESOURCES LLC
Moody's has assigned a rating of Prime-1 to up to $956 million of secured liquidity notes (SLNs) to be issued by Principal Residential Mortgage Capital Resources LLC (PRMC), as well as a rating of Baa2 to the $44 million Variable Rate Term Certificates (VRTs) to be issued by PRMC. PRMC is a single-seller mortgage loan warehouse facility sponsored by Principal Residential Mortgage Inc., an indirect wholly owned subsidiary of Principal Financial Services, Inc. PRMC, with an authorized amount of $1 billion, will fund the purchase of mortgage loans originated by Principal Residential Mortgage Inc. from the proceeds of the SLNs and VRTs on a revolving basis. The VRTs are subordinated to the SLNs. The purchased mortgage portfolio is limited by aging requirements and concentration restrictions. As these limitations are reached, pools of mortgages will be sold or securitized. The SLNs issued by PRMC are short-term debt with an original term of 180 days, but which may be extended up to an additional 120 days under certain conditions.
The Prime-1 rating assigned to PRMC's SLNs was based in large part on the following factors: expected collateral performance; credit enhancement primarily provided by a cash collateral account and a Baa2 rated tranche of certificates, both subordinate to the SLNs; market value risk protection of non-defaulted collateral through a swap with Prime-1-rated Bank of America N.A.; liquidity support for non-delinquent and non-defaulted collateral from Prime-1-rated Bank One, N.A.; and various structural protections, including a requirement to cease issuing SLNs if the portfolio is not in compliance with aging guidelines or if the program credit enhancement is not at the required level.
For further details, please see Moody's press release dated June 30, 2000.
THE FOLLOWING ABCP PROGRAMS WERE CONFIRMED AT PRIME-1 BY MOODY'S DURING THE SEVEN DAY PERIOD ENDED JULY 6, 2000:
CREDIT LYONNAIS' ATLANTIC ASSET ENTERS INTO $180 MILLION LOAN PURCHASE FACILITY
Credit Lyonnais' Atlantic Asset Securitization Corp., a partially supported, multiseller conduit, recently entered into a $180 million loan purchase facility to fund an existing portfolio of loans originated and administered by a major, unrated asset management firm. The deal is fully supported through liquidity provided by Prime-1-rated Credit Agricole Indosuez. Atlantic now funds 26 transactions and is authorized to issue up to $2.324 billion of ABCP.
HYPOVEREINSBANK'S BLACK FOREST FUNDING PURCHASES A $22 MILLION CREDIT CARD "C" PIECE
HypoVereinsbank's Black Forest Funding Corporation, a partially supported, multiseller conduit, recently purchased a $22 million collateral interest issued out of a master trust of a Baa2-rated domestic bank. The collateral interest is backed by receivables generated by VISA and MasterCard accounts. This deal is fully supported through an increase to Black Forest's program letter of credit and a deal-specific letter of credit. Both letters of credit are issued by Prime-1-rated HypoVereinsbank. Black Forest now funds 13 transactions and is authorized to issue up to $1.120 billion of ABCP.
WACHOVIA BANK'S BLUE RIDGE UNWRAPS TRADE RECEIVABLES TRANSACTION
Blue Ridge Asset Funding Corp., a partially supported, multiseller conduit sponsored by Wachovia Bank, removed the full liquidity support previously provided to an $80 million transaction financing trade receivables originated by an unrated manufacturer. The transaction, now incrased in size to $100 million, is now partially supported through liquidity. Deal-specific credit enhancement is set based upon a dynamic formula with a minimum level of 9.61%. 10% incremental program enhancement has been added for this transaction. Blue Ridge is currently authorized to issue up to $5.009 billion of ABCP.
COMMERZBANK'S FOUR WINDS FUNDING CORP. INCREASES INTEREST IN CREDIT CARD TRANSACTION
Four Winds Funding Corp., Commerzbank's partially supported, multiseller and loan backed ABCP program, increased its interest in an existing credit card transaction from $250 million to $450 million. Four Winds invests in the A and B tranches of the deal. Four Winds is authorized to issue up to $7.5 billion of ABCP.
STATE STREET'S GALLEON CAPITAL CORP. PURCHASES $40 MILLION IN CERTIFICATES BACKED BY AUTO LOANS AND $35 MILLION IN CERTIFICATES BACKED BY DEALER FLOOR PLANS
Galleon Capital Corp., a partially supported, multiseller ABCP program sponsored by State Street Bank and Trust Co., purchased a $40 million interest in a Class B Certificate backed by prime auto loans from an investment grade originator. The certificate is rated A3 by Moody's. Galleon also purchased a $35 million interest in a Class A Certificate backed by dealer floor plan loans originated by a major automotive manufacturer. Both assets are fully supported through incremental program credit enhancement in Galleon's letter of credit from Prime-1-rated State Street. Galleon is authorized to issue up to $625.3 million of ABCP.
PARK AVENUE RECEIVABLES CORP. PURCHASES A $750 MILLION INTEREST IN A WAREHOUSE FACILITY OF INSTALLMENT SALE CONTRACTS
Park Avenue Receivables Corp. (PARCO), a partially supported, multiseller ABCP program sponsored by The Chase Manhattan Bank, purchased a $750 million warehouse facility of installment sale contracts originated by an investment grade manufacturer. Pool-specific overcollateralization of 5% and a 2% spread account, which increases based upon receivable concentration and pool performance, both support the transaction. The transaction also benefits from program-level enhancement sized at 10% of the commitment amount. PARCO is authorized to issue up to $11.345 billion of ABCP.
AUTONATION, INC. SPINS OFF RENTAL CAR UNIT; REPUBLIC INDUSTRIES FUNDING CORP. IS NOW ANC RENTAL FUNDING CORP.
Republic Industries Funding Corp. has become ANC Rental Funding Corp., a single-seller ACBP program which finances rental cars.
AutoNation, Inc. (AutoNation) has just completed the separation of its automotive rental and related businesses from its automotive retail and related businesses. In connection with that spinoff, AutoNation and ANC Rental Corp. entered into a separation and distribution agreement in which AutoNation separated its automotive rental business so that the assets and liabilities of the rental car business, including Autonation's formerly wholly owned operating subsidiaries, Alamo Rent-A-Car, LLC, National Car Rental System, Inc. and Spirit Rent-A-Car, Inc., dba Car Temps Rent-A-Car, Inc., are now assigned to ANC Rental Corp. ANC Rental Corp. has replaced AutoNation as servicer.
A $45 million program letter of credit is supplied by Westdeutsche Landesbank Girozentrale. Liquidity currently amounts to $1,095,000,000. Required program credit enhancement of 9.5% of the net book value of vehicles with manufacturer repurchase agreements and 14.5% of the other vehicles in the fleet is provided through overcollateralization as well as the program letter of credit. ANC Rental Funding Corp. is authorized to issue up to $1,140,000,000 of ABCP.
SHEFFIELD RECEIVABLES CORP. INCREASES ITS EXISTING PURCHASE OF VARIABLE FUNDING CERTIFICATES BACKED BY EQUIPMENT LEASES FROM $350 MILLION TO $500 MILLION
Sheffield Receivables Corp. is a partially supported, multiseller ABCP program sponsored by Barclays Bank PLC. Sheffield has increased its existing purchase of variable funding certificates backed by equipment leases serviced by an investment-grade company from $350 million to $500 million. The transaction benefits from pool-specific credit enhancement of 10% in the form of overcollateralization, which increases dynamically depending on portfolio performance. The transaction benefits from program-level enhancement sized at 10% of the commitment amount. Sheffield is authorized to issue up to approximately $13.706 billion of ABCP.
SUN TRUST'S THREE PILLARS PURCHASES $60 MILLION TRADE RECEIVABLES DEAL
Three Pillars Funding Corp., Sun Trust Bank's partially supported, multi-seller ABCP conduit, added a $60 million transaction supported by trade receivables. The seller is a leading manufacturer of floor covering products, and the trade receivable obligors include both retail stores and manufacturing customers. Three Pillars is currently authorized to issue up to $1.350 billion of ABCP.
TWIN TOWERS PURCHASES ONE VARIABLE FUNDING CERIFICATE AND TWO VARIABLE FUNDING NOTES
Deutsche Bank's Twin Towers Inc. (Twin Towers), a partially supported, multiseller conduit, recently entered into two transactions: (i) the purchase of a $500 million variable funding certificate issued by an equipment lease and loan trust and (ii) the purchase of a two variable funding notes totaling $431.2 million, both backed by vehicle lease receivables originated by the same servicer.
All three transactions are fully supported by liquidity facilities provided by Prime-1-rated Deutsche Bank. In addition, Twin Towers added incremental program credit enhancement of 10%. Twin Towers is now authorized to issue up to $4.272 billion of ABCP.
For a more detailed description of these ABCP programs, see Moody's GLOBAL ASSET-BACKED COMMERCIAL PAPER MARKET REVIEW, which is published quarterly.
No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.
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